If I have a good credit score but yet have collection accounts on my credit report. Will a lender want me to pay off my collection accounts before giving me a mortgage? Or will the good credit score be all they care about?
Question about qualifying for a mortgage?
They will probably want the collections settled first. Underwriters hate uncertainty.
P.S. Do NOT deal with on-line %26quot;brokers%26quot; who post replies here.
Question about qualifying for a mortgage?
Depends on the loan program you apply for, most want collections paid off at or prior to closing. However, there are a few that don%26#039;t require this, which often have a slightly higher interest rate. Also, how much they%26#039;re for and how many collections you have will be a facotr in whether you have to pay them off.
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